Question

Last year, Latoya opened an investment account with $7500. At the end of the year, the amount in the account had increased by 7.4%. How much is this increase in dollars? How much money was in her account at the end of last year?

Increase in amount:
Year-end amount:

Answer 1

By working with the given percentage, we conclude that:

• the increase in dollars is $555.
• at the end of the year, the amount in her account was $8055

How much is this increase in dollars?

First, we know that the initial investment is $7,500, and at the end of the year, it increases by 7.4%.

Then to get the increase in dollars, we need to find the 7.4% of $7,500, so we can find the percentage by computing the following equation:

$7500*(7.4%/100%) = $7500*0.074 = $555

Then we conclude that the increase in dollars is $555.

To know how much money was in her account at the end of the year, we just need to add the initial investment plus the above we found above, it will give:

$7500 + $555 = $8055

We conclude that at the end of the year, the amount in her account was $8055.

If you want to learn more about percentages:

https://brainly.com/question/843074

#SPJ1